Missed RMD in 2012
My wife’s Inherited IRA was transferred to a new custodian and the RMD requirement was not executed by the custodian in 2012 for the FMV amount ending 12/31/2011. What needs to be done to correct this issue? Can I ask for a waiver from being fined by the IRS?
Permalink Submitted by Alan - IRA critic on Wed, 2025-01-01 15:25
No chance the IRS will flag this now.
However, if she wants to calculate the correct RMD for 2012, she can request a distribution and file a 2012 Form 5329 to request waiver of the penalty. The IRS will likely approve the waiver. Both the late RMD and her 2025 RMD will be taxable in 2025.